Try Surprise.

On investment property it’s not a HELOC it’s just simply a LOC a HELOC is for personal residence only and I’m surprised no one mention this.

@Jay Hinrichs Yeah wouldn't surprise me, nothing comes that easy with BDS.

Our section of the country is generally known for high taxes and not a lot of economic growth.I think the Boston area has some possibilities only because it does still have some tech startup innovation activity, but I don't really see that in RI except for limited parts of northern RI (Pawtucket, Cumberland) that get some folks who are commuting up to the economic activity in Boston.The Boston market also suffers from very high prices so while I think there's economic promise there, I also think you pay a lot to be in that market and it would be tough to find something these days where the #s make sense.I think it's always worth spending the time researching, but I wouldn't be surprised if you find a similar situation or only marginally better, in Rhode Island.I think the topic of out of state investing has been covered a lot of BP forums and podcasts, but my 2 cents is, make sure you already have some kind of connection to, or knowledge of the market, or are willing to invest your time developing it, rather than just jumping in head first.

You want to know where the house stands and don't want any surprises while you are in contract. 

As a lender I have had no issue honoring this exception but I have been very surprised to find that a lot of lenders will not. 

I thought it would be best to keep the owners current expenses as part of the analysis so not to run into any surprises. 

Police and neighbors were equally surprised – break-ins were unheard of in the neighborhood.

Good part is we found 2 old hand made nails:)  Surprisingly the house does not have termites now, this damage was from long, long ago.  

I account 10% of rehab estimate for surprises.